According to Joseph Schumpeter, which of the factors of production is central to economic growth?
A) natural resources B) land C) labor D) the entrepreneur
D
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An isoquant shows the various combinations of labor and capital that
a. the firm will choose to employ in the long run. b. yield the same total cost. c. can produce some fixed level of output. d. minimize the firm's average cost of production.
Use the following graph of demand curves to answer the next question.
Which demand curve is relatively most elastic between P1 and P2?
A. D1 B. D2 C. D3 D. D4
A voluntary export restraint is an agreement negotiated between two countries that places a numerical limit on the quantity of a good that can be imported by one country from the other country
Indicate whether the statement is true or false
If a country is producing efficiently and is on the production possibilities frontier, producing more of one good would result in a movement along the frontier
Indicate whether the statement is true or false